• The Philippine Securities and Exchange Commission (PSEC) initiates steps to block Binance, the world’s largest cryptocurrency exchange, from operating in the country.
• Lack of necessary licenses cited as the reason for the action, as Binance allegedly offers investment and trading services without SEC approval.
• Formal request made to the National Telecommunications Commission (NTC) for assistance in blocking Binance’s online presence.
• Binance’s compliance efforts highlighted, including a recent $4.3 billion plea deal with the US Department of Justice and the resignation of its founder and former CEO, Changpeng Zhao.

The Philippine Securities and Exchange Commission (PSEC) has taken decisive action against Binance, the leading global cryptocurrency exchange. Citing regulatory non-compliance, the SEC has initiated steps to block Binance’s online presence in the Philippines. This move comes as a result of Binance allegedly operating without the necessary licenses to offer investment and trading services in the country, as mandated by the Securities Regulation Code (SRC).

In a significant development, the Commission En Banc has approved the filing of a formal request with the National Telecommunications Commission (NTC) for assistance in blocking Binance’s website and its auxiliary pages. The SEC’s decision stems from concerns regarding the security of Filipino investors’ funds due to continued access to Binance’s platforms. Emilio B. Aquino, Chairperson at the Philippine SEC, emphasized the potential threat posed by unauthorized investment and trading activities facilitated by Binance.

Despite facing regulatory scrutiny, Binance has been actively engaged in compliance efforts. Following a $4.3 billion plea deal with the US Department of Justice, which also led to the resignation of its founder and former CEO, Changpeng Zhao, Binance has been striving to address regulatory concerns. However, the Philippine SEC’s move underscores the challenges Binance faces in navigating regulatory landscapes across different jurisdictions.

Binance’s regulatory woes extend beyond the Philippines, with recent clashes reported with Nigerian authorities. Moreover, Binance’s decision to temporarily suspend withdrawals on the Solana network earlier this month adds to the growing concerns surrounding its operations and regulatory compliance.